I purchased the case for a new red TG-2 that I just got a little while ago.
The case looks great, and the black leather with red stitching perfectly complements the look of the camera. It looks and feels well made. Look and feel get a 5/5 from me.

But there are two things that I wish were different on the case:
1) a cutout at the bottom of the case to allow using a tripod without having to take the camera out of the case. I have a Sony case for a Sony Cybershot that actually has its own tripod connection built-in. It also has a built-in screen protector. Best camera case I've ever had (camera isn't bad either, but it's very limited compared to the Olympus Tough)
2) a cutout at the side of the case to allow battery charging without having to take the camera out of the case. Since the battery is charge in-camera, this would only make sense.
The effort of having to take the camera out of the case isn't really the issue. The issue is that in order to take the camera out/put it in, you have to remove the lens ring or adapter (if using a different lens), and they are made of what feels like rather cheap plastic, so I'm afraid with all the off and on they will break at some point.

With an Eye-Fi memory card I don't expect to have to remove it from the camera very often, so having access to it through the case really isn't nearly as important.

Functionality would get a 3/5 from me.

All in all a very good case that could be great if it incorporated the above two changes.